"C" - Insurance offered to any applicant regardless of health
Guaranteed issue might sound like a problem waiting to happen. But when you’re talking about insurance, it can be a good thing. (There may be tradeoffs involved though.)
Guaranteed issue refers to health and life insurance policies that are offered to all applicants regardless of their health.
- Guaranteed issue policies are often a good option for elderly applicants and people with health issues that prevent them from getting a conventional policy.
- They usually charge higher premiums and provide lower payouts. Many top out at $10,000 compared to conventional policies that might pay $1 million or more.
- Most of these policies won’t pay out if the insured dies within the first 1-2 years. (In these cases, the premiums they’ve paid will be refunded.)
- All comprehensive health insurance policies have been guaranteed issue since 2014.
- Prior to 2014, most insurers had lists of up to 400 health conditions that could trigger a denial.
- Since 2014, the Affordable Care Act has required that you can’t be denied for having pre-existing health conditions and you don’t even have to give out your health history to apply. It also doesn’t matter whether you currently have insurance or not. (The ACA is still in effect through 2018.)
- Short term medical plans are not guaranteed issue and may not cover pre-existing conditions.
Open Enrollment for 2019 health insurance ended on December 15, but you may live in a state that extended the deadline. A friendly licensed Mylo agent can help you find the right health plan – or a life insurance policy – that makes sense for your life stage and budget. Give us a call to find out your options!Let's Talk!
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